Wipro Adr Issue Cleared

The Union industry ministry has cleared software major Wipro's proposal to raise Rs 2,795 crore through American depository receipts (ADRs). The proposal will now be sent to the Cabinet Committee on Economic Affairs.

The ministry has also cleared pharma major Nicholas Piramal's proposal to raise Rs 430 crore through ADRs.

Recently, the Foreign Investment Promotion Board approved 108 foreign direct investment proposals worth Rs 5,287.11 crore, including that from Zee Telefilms for Rs 64.50 crore.

The list of approved FDI proposals, released by the government, said the Japanese multinational Yamaha Motor Company's plan to raise its stake from 50 per cent to 74 per cent in Escorts Yamaha Motorcycles Ltd had also been cleared. Yamaha will invest Rs 316.64 crore in the Indian joint venture.

 

The multinational company Bechtel, which is executing the Tirupur water supply project on turnkey basis, has been permitted to bring in Rs 190 crore, while the validity of Hinduja National Power Corporation Ltd's foreign collaboration approval has been extended for its 1,000 mw power project in Vizag.

Canon India, manufacturer and distributor of photocopiers, has been allowed to expand in India with a further infusion of Rs 43.50 crore.

The list also showed that the Mauritius-based All-Asia Television Broadcast Ltd had received the nod for a Rs 21.75 crore funds infusion. And the Hong Kong-based Channel V Music Networks Ltd's proposal to bring in Rs 4.3 crore for its Indian operations has been cleared.

Leading xerographic equipment and systems manufacturer Modi Xerox Ltd has got FIPB approval for extending its technical collaboration agreement.

Software company Bazee.com Inc of the US has been permitted to amend their activity clause. The US multinational is involved in software development. Another software company, Nicco Infotech Ltd, has been allowed to increase its foreign equity form 51 per cent to 100 per cent with an investment of Rs 1.48 crore, the data adds.

Pick of the pack

Five of the recently cleared FDI proposals

* Wipro to raise Rs 2,795 crore through ADRs

* Nicholas Pirama to raise Rs 430 crore through ADRs

* Bechtel-FICC JV to raise Rs 190 crore for water project

* Zee Telefilms to raise Rs 64.50 crore through ADRs

* Canon India to expand with a Rs 43.50 crore infusion